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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 507984 times)
JayJuanGee
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November 16, 2015, 04:31:20 PM
 #3041


See my above post, too.   My point is that it is very difficult to hold coins when the market is going up and down.  Surely, some of the people at $5 are going to be doing really good, but they are likely tempted to sell on an ongoing basis.  They are tempted to sell part or all of their holdings, because until it happens, there is no certainty with bitcoin, and there is no certainty that bitcoin will even reach $500 ever again. 

I believe that those are some of the difficulties for real people.


I held my coins for 11 months and I was down about -40%. Still holding them but now I`m up a few %.

I am not looking to sell them at all unless it goes really low. If you invest with money you can afford to lose then you wont sell at every FUD post.


Those that sell based on that are really opportunists that looked at bitcoin as a short term HYIP. My previous point still holds.

I bought all the way down from $1,200-ish in November 2013, yet my intention was a form of dollar cost averaging, and really when I started buying, I did not expect BTC prices to go below $200 or even below $300 ever again. 

Anyhow, even though BTC price dips were somewhat beyond my expectations, I did not sell any coins on the way down to $160-ish, I only continued to buy, when I could and in a kind of hybrid-dollar cost averaging arrangement.

I had a little bit of cash flow issues in the first several months of 2015 (not directly related to bitcoin), and I was not able to buy too many bitcoins in the early part of 2015 (i did not sell any either), but I was able to buy quite a few coins through the subsequent parts of 2015, and accordingly, I felt comfortable to conceptually divide my BTC holdings into 4, and therefore, I could justify first beginning to sell some (small portions - like less than 1% of my holdings) after the price returned above $250. 

Now, I have a little bit of a hedge in my total BTC holdings on the way down and profits on the way up.  My BTC portfolio is not in the best arrangement for all scenarios (because my underlying assumption is that BTC prices will eventually go up), and I believe that my BTC holdings are in a much better place with a plan (that is somewhat tweaked from time to time), and I believe that I have a pretty decent plan to cash out little by little on the way up, while continuing to attempt to accumulate coins and to attempt to hold a vast majority of my coins, even while I am cashing out little by little as the prices should go up.

 

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November 16, 2015, 04:34:45 PM
 #3042


See my above post, too.   My point is that it is very difficult to hold coins when the market is going up and down.  Surely, some of the people at $5 are going to be doing really good, but they are likely tempted to sell on an ongoing basis.  They are tempted to sell part or all of their holdings, because until it happens, there is no certainty with bitcoin, and there is no certainty that bitcoin will even reach $500 ever again. 

I believe that those are some of the difficulties for real people.


I held my coins for 11 months and I was down about -40%. Still holding them but now I`m up a few %.

I am not looking to sell them at all unless it goes really low. If you invest with money you can afford to lose then you wont sell at every FUD post.


Those that sell based on that are really opportunists that looked at bitcoin as a short term HYIP. My previous point still holds.

That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.

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November 16, 2015, 04:43:41 PM
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www.cryptocurrencycentralbank.com 

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November 16, 2015, 04:44:20 PM
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I do genuinely wonder if the black market will ever close. Not to say that it hasn't helped certain people live better, happier lives.

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November 16, 2015, 04:57:16 PM
 #3045



That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.

Yea the higher the risk, the less capital should be invested.

Those that put all their life savings into btc at 500$, and the price went to 1100 and didnt sold, then went down below 300, they panicked and sold at 300$.

Now they are angry at bitcoin because they lost almost half of their savings. But they should be mad at themselves.

If they would just bought a little bit then it would not be big deal.


If you bought for 100$ when the price was 0.5$ , 200 BTC. You have no reason to sell, because the price can go up to 50,000$ and you will be amongst the elite.

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November 16, 2015, 05:07:01 PM
 #3046



That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.

Yea the higher the risk, the less capital should be invested.

Those that put all their life savings into btc at 500$, and the price went to 1100 and didnt sold, then went down below 300, they panicked and sold at 300$.

Now they are angry at bitcoin because they lost almost half of their savings. But they should be mad at themselves.

If they would just bought a little bit then it would not be big deal.


If you bought for 100$ when the price was 0.5$ , 200 BTC. You have no reason to sell, because the price can go up to 50,000$ and you will be amongst the elite.

as one of the existing elite...didn't tim draper purchase 30000 bitcoins at auction for around $600 each. granted it was a miniscule part of his net worth and surely hes not panicking. I would think most who invest in bitcoin feel its a long term play and would not panic. Those who trade...it may be another story entirely. 

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RealBitcoin
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November 16, 2015, 05:30:20 PM
 #3047


as one of the existing elite...didn't tim draper purchase 30000 bitcoins at auction for around $600 each. granted it was a miniscule part of his net worth and surely hes not panicking. I would think most who invest in bitcoin feel its a long term play and would not panic. Those who trade...it may be another story entirely. 

I actually think its good if you are a bit in a drawdown.

Why? Because then you will do anything to help bitcoin price rise. And actively involve yourself to build bitcoin.

If you are always in profit, you dont care about bitcoin anymore and you become a freeloader.

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jbreher
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November 16, 2015, 05:35:25 PM
 #3048

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume? 

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands." 

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

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November 16, 2015, 06:59:08 PM
 #3049

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume? 

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands." 

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

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November 16, 2015, 08:28:43 PM
 #3050

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume? 

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands." 

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

Perhaps a new job is in order rather than a miracle investment in a niche.

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November 16, 2015, 09:02:58 PM
 #3051

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC?

Personally, I do think so. I understand that other minds -- even rational ones -- may have other opinions.

Quote
I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

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November 16, 2015, 09:14:34 PM
 #3052


Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad
How about you develope some bitcoin earning method.

Sitting on your BTC is just waste of time. Invest them or earn new BTC.

BTC could go up alot but not in the next 3-4 years.

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November 16, 2015, 09:18:01 PM
 #3053

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your current limited vision will have your future self kicking you for missing the next.

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November 16, 2015, 09:19:33 PM
 #3054

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next.

Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich.

I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc.

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JayJuanGee
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November 17, 2015, 04:47:42 AM
 #3055

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next.

Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich.

I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc.

Yes, you may be suggesting a form of dollar cost averaging, as well.

If he has 20BTC at 30 years old, he can continue to invest a portion of his paycheck, and maybe acquire 20 more BTC or some other reasonable amount, and the appreciation of the BTC plus his continuing to invest will likely have a compounding effect.

At todays, prices, investing $50 per month will get you nearly 2 BTC a year, and if the prices go up, then that same amount may only get you .2BTC a year; however, a guy may well begin to draw a higher income too, as the years go by, and will be able to continue to invest more, maybe $100 or $500 per month.

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November 17, 2015, 05:24:29 AM
 #3056

To think that not so long ago I was paid 50 BTC for two hours of work.

Damn!! This post is only 4 years old and yet it feels like from a different time altogether  Shocked  Those simple characters '50 BTC' carry so much more weight these days. To think that he was doing the same comparison I'm doing now lol  Cheesy
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November 17, 2015, 10:51:13 AM
 #3057

To think that not so long ago I was paid 50 BTC for two hours of work.

Damn!! This post is only 4 years old and yet it feels like from a different time altogether  Shocked  Those simple characters '50 BTC' carry so much more weight these days. To think that he was doing the same comparison I'm doing now lol  Cheesy

I just love how most of the posters from page 1 quit after 2011-2012-2013.

Hardly a few of them are still here and are hero members. The rest of them shilled for bitcoin so hard, yet they quit 1 year after like some cowards they are.

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November 17, 2015, 03:19:29 PM
 #3058



That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.

Yea the higher the risk, the less capital should be invested.

Those that put all their life savings into btc at 500$, and the price went to 1100 and didnt sold, then went down below 300, they panicked and sold at 300$.

Now they are angry at bitcoin because they lost almost half of their savings. But they should be mad at themselves.

If they would just bought a little bit then it would not be big deal.


If you bought for 100$ when the price was 0.5$ , 200 BTC. You have no reason to sell, because the price can go up to 50,000$ and you will be amongst the elite.

as one of the existing elite...didn't tim draper purchase 30000 bitcoins at auction for around $600 each. granted it was a miniscule part of his net worth and surely hes not panicking. I would think most who invest in bitcoin feel its a long term play and would not panic. Those who trade...it may be another story entirely. 

Is that the gold mine guy? I remember reading about a guy that sold a gold mine he owned to buy Bitcoin, he hasn't ROI'd yet. Of course, if they have a brain they will hold. I remember when Warren Buffet bought the Washington Post stocks, he lost money at first, then years later (like 40) turned his initial $11 million investment on $1.1 billion. This is why it's all about long term and ups and downs don't really matter.
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November 17, 2015, 05:18:52 PM
 #3059

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

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November 17, 2015, 05:31:59 PM
 #3060

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good on you if you are successful trading but that one bolded bit it quite wrong I'm afraid  Undecided

Savings have value and it doesn't make much sense to propose that one starts speculating with all of his available wealth.


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